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Banco BPM Files Antitrust Complaint Against UniCredit’s Takeover Bid

By  |  January 8, 2025

Italy’s Banco BPM has filed a formal complaint with the national antitrust authority, challenging UniCredit’s recent takeover bid for the bank, according to a Reuters report. The move marks the latest development in a growing rivalry between two of Italy’s largest financial institutions.

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    Per Reuters, the complaint alleges that UniCredit’s 10 billion euro ($10.32 billion) all-share offer is not a genuine acquisition attempt but rather a strategic maneuver to disrupt Banco BPM’s plans to strengthen its position in the market. A source familiar with the matter claims Banco BPM sees the bid as an effort to sideline its ambitions to acquire fund manager Anima, an important part of its growth strategy.

    Banco BPM previously raised concerns with Italy’s market regulator, Consob, about the UniCredit bid, suggesting it could be interpreted as a blocking tactic. Now, by taking the issue to the country’s competition authority, the bank appears to be escalating the dispute, aiming to spotlight what it views as anti-competitive behavior.

    Read more: UniCredit Shakes Up Italian Banking with €10 Billion Bid for Banco BPM

    The bank’s complaint reportedly accuses UniCredit of attempting to weaken a direct competitor by using the bid as a means to stifle Banco BPM’s business operations. Neither Banco BPM nor the Italian antitrust authority provided comments on the matter, according to Reuters.

    The situation first came to light through a report by the Italian daily newspaper Il Messaggero on Wednesday, highlighting the growing tensions between the two banking giants. With Banco BPM being Italy’s third-largest bank, any regulatory action on the matter could have significant implications for the country’s financial sector.

    Source: Reuters